Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I'm the opposite. I am a first time home buyer. I have the financing through a FHA loan, but I can't find a home that is the right price and acceptable to the lenders. There are plenty of buyers out there but they are like me, first time homebuyers and we can't afford the higher prices. I'm getting very frustrated. I want to buy a house, but can't afford a home over 200k and all the houses under 200k are crap! My advice to all those selling, try to sell to first time home buyers, they have the financing!
Is anyone else have major problems trying to sell a home in Broward County? My place has been on the market since early March and we've received *ONE* inquiry.
It's in Sunrise and only a 1/1 villa, but the asking price is in line with other similar properties (which prob. just means it's overpriced). Isn't anyone buying anymore? I picked the worst time to move.
I've had my condo for sale since August 06 and all that has happened is the prices continue to go down and no one comes to look at my place. I think now the prices are quite affordable, but it seems like nothing is happening. I was planning on moving out of state and buy something less expensive, but it doesn't seem that will be possible now
The following article does present the current situation: Las Vegas and Miami both continue to post the largest declines, falling 26.8 percent and 26.7 percent, respectively. The housing slump, along with higher food and fuel prices and disruptions in the credit markets, has taken its toll on consumer sentiment.
price your house 15-20% under what it was worth in say 2002....erase any mythical gains in value u think u have achieved during the boom.....in this market it still might not sell. people are scared of florida right now, its just too uncertain on too many fronts.
I've had my condo for sale since August 06 and all that has happened is the prices continue to go down and no one comes to look at my place. I think now the prices are quite affordable, but it seems like nothing is happening. I was planning on moving out of state and buy something less expensive, but it doesn't seem that will be possible now
I'm sorry you're stuck like that. Two years is a long time. I'm a buyer (cash) in the market (sorta) but really not seriously expecting to buy till next year. I took a early retirement package at 55 and not in a rush to make a mistake. First problem is the market is so unstable and you see neighborhoods changing for the worse. If there's an HOA you wonder about the stability and have to hire a condo lawyer (imo) to review the docs and see what's going on in there. And hope they don't mess up (good luck with that part lol).
Third, I think you have a HUGE saturation of condos in Sunrise (don't know where you are but it seems that way to me after driving around down there all day). And for people who really couldn't afford to buy anything before they are going to price shop and go to the cheapest. I mean, jeeze there are condos for $25,000 in abundance in Sunrise now around University at OP. They look like some kind of retirement community or something though. Like a square mile of all the same buildings....umm...Sunrise Lakes Blvd /Dr? I was driving around there because I was thinking of taking a job right there in the AT&T building...and thought I'd pick up a low price condo to live in during the week and wanted to see what was going on with these horrifically low prices between Sunrise and Tamarac.
THEN, I think the people who would have normally bought in your neighborhood now think they can make a killing buying "up" so to speak so they are looking around at other places or waiting for the actual "bottom". Which I sort of am too. But I'm too afraid to buy something then have a hurricane disaster and have a HOA problem or huge assessment, OR have the neighborhood "deteriorate" unexpectedly. Sorry for the bad news but I think you're not alone. If your listing price is low compared to the comps that's all you can do. If there are a slew of condos listed in your development that can also be a problem for people like me, afraid there might be something "wrong" in there even if there isn't. I hope something/somebody comes along to help you out must be a miserable feeling stuck in limbo like that.
ETA: Another thing is a 1/1 would usually be expected to be a first time buyer OR a senior cit (probably) and that demographic imo is going to be gunshy. OR not get financing if they're starting out. Probably some of the few people who really "have" to move would be say, a family of three about to be four and wanting a bigger home. Or a couple who have saved (yeah right) in an apt and ready to buy. They're going to look for a house typically.
I have a few questions for everyone posting here about not being able to sell. 1.Was the house or condo meant as a flip or something to live in permanently ? 2.Were you in for the long run? If so, why are you selling now? 3.How many of you at this point are willing to take a loss? 4. How many want to leave the state or area, but cannot because their house is not selling? 5. Has anyone purchased, let's say pre 2002 and would not mind making a minimal profit versus "market value", knowing it's still overpriced?
Let's say you bought your house in Davie, for example, back in 1998 for $160,000 for a 3/2/2 Car Garage in a nice subdivision, why not sell it for $180k-$190k and leave clean with something in your pocket vs going to either foreclosure or keeping it knowing you dont want it anymore? 6. How many are trying to sell to get something bigger or smaller?
Some people are out to make a profit in this market (with sensible reason). No one is here to lose money. That's the vibe that I've been getting from many that want to sell down here lately, not necessarily on this forum. I know people that got so greedy, back in 2005 when they were being offered a good amount on their houses (that they paid verylittle for) and didn't budge thinking they were going to get exactly what they wanted. (We're talking $10k under asking price with no realtor, just an attorney and home inspection, that's just one example) They lost out because they were so greedy. I feel bad for some of you, but have no pity for some greedy people that are stuck with their overvalued houses.
Again, sorry to sound so cynical.
7. How many are not able to sell simply because they had so much equity, kept watching HGTV's "My house is worth what" ,and stripped their equity to buy big cars, and unnecessary home improvements, cause the neighbors were doing the same? How many are kicking themselves in the head now?
(I just dont understand this mentality of instant gratification, and I'm only 32, with no debt, saving to leave this overpriced market. I'm not selling anything here by the way. Got bought out during my divorce, got my equity out. Thank God)
Not to be mean, and not aiming at anyone in particular, but some people got themselves in this mess and deserve it....Again, this is not aimed at everyone or anyone in particular....Feel free to chyme in. I just want to know what's on everyone's mind at this point. Let's all be honest.
What's pushing for all your sales knowing the market is weak?
We've been buying and selling homes since we first had kids. We are in our 5th house. One of the ways we got around the monotony of being "settled" was picking up and moving to a new place, while remaining in South Florida. We usually made money selling and invested the gains in the new house. We are currrently on a 2 1/2 acre wholesale plant nursery because it has huge property tax benefits, income tax deductions, makes an income that allows me to be self-employed and work from home.
Because real estate development is down and people are spending less, plant sales were down in 2007 by 70%. The summer before, in 2006, we were offered $1,250K. At that time, we did not believe we could replace the lost plant sales income with the amount we were being offered and our neighbor up the block had his same-sized property selling at $1.7mill and thought perhaps we could get more than the $1.25mill. In hindsight, a mistake. We now have the nursery up for $899K. Because townhouses and condos are being built in our immediate surrounding neighborhood due to its close proximity to downtown, the turnpike, and 595, and higher density allowances in East Davie, we are hopeful we can sell it within the next 2 years (in 2 years the kids will be off to college). I think if we held on for 10 years, it would be worth A LOT more, but we just don't want to be here anymore - we're nomadic by nature.
At this point, we are hoping to preserve the gains we made through 2004 when we bought the house. We always relied on the "homes gain an average of 5% a year over history" and hoped to increase our equity. As it stands, we will be lucky to break even with the cash we brought into the house in 2004, however will probably take a hit.
We are moving because we are ready again (it has been 4 years), my husband had a stroke and the nursery is a wee bit beyond what he can handle, the kids will soon be off to college and we want to relocate to Mexico or perhaps some college town where one of our kids ends up. We are listing it way before we need to, so we are not under any pressure to sell. We have a huge amount of equity in the house and are not mortgage-pressured in any way.
I don't know how much greed there is on our part. We want to move on with our lives preserving the gains we had from over 20 years of investing in real estate in S Florida. If we had remained in our first house in Surfside and paid the mortgage off in 15 years, our equity would be about the same as we have now.
7. How many are not able to sell simply because they had so much equity, kept watching HGTV's "My house is worth what" ,and stripped their equity to buy big cars, and unnecessary home improvements, cause the neighbors were doing the same? How many are kicking themselves in the head now?
EXACTLY. I've been watching that TV show since last year wondering HOW in the world it can still be on TV
IMO much of it was not understanding that these bubbles have burst before. I bought a new construction house in Bucks County PA in 1987 for $135,000. Then we had the FAKE OUT just like this cycle and the neighboring homes were going for $270,000 by about 1991. We didn't have the mortgage creativity then so people were selling to move "up". You occasionally had your mortgage re-cast for a lower rate but that was about it. My rate was 8 1/8th for 15 years but others were at 10% by then. You didn't have any such thing as an ARM let alone HELOCs and the other messes there are today. Who ever heard of buying a house and starting off with TWO mortgages?
Well NOW you get to have two mortgages, negative amortization, gradual payment ARMS etc where you aren't even paying the INTEREST and just adding INTEREST to the back end.
Anyone who paid attention knows that was short lived and then things adjusted. I had to move and sold my house in 1998 for exactly $136,000 lol. And with the entire inside having been replaced, upgraded over 10 years and the neighborhood still being very much in demand and no negatives whatsoever. In fact the area was booming because of proximity to Princeton corridor and how favorably it compared to NJ real estate prices that remained outrageous. I then began to claim homeownership is overrated (for several people who may not be planning on "staying" in the place).
I can tell you that in my former office of 100 people, imo, 30% had become recent homeowners as sub prime borrowers using the free grants and creative financing and then because of lack of homeowner experience and understanding money, immediately started using the house as an ATM... then when the rates adjusted were SOL. I know of TWO responsible individuals who focused on getting out of the ARMS (even though they had 3-5 years to "worry" about it) ....and were able to get a fixed in two years after cleaning up their credit and saving more money to add to a fixed as soon as they could.
Of the remaining 70% I'd estimate another 30% of THEM decided to jump on the trainwreck as well.
IMHO people have been assuming that they can play catch up on the mortgages on the back end. When most of them KNEW they were not going to be expecting any large salary jump. In my office we were lucky to get 2% in the union staffed positions. I don't think my coworkers exercised any common sense at all, which is WHY they were sub prime high risk to begin with....those lenders were smart like a fox, products that kept GROWING debt.
And NOW this week Congress is trying to pass a bill for billions to bail out the financial institutions when they full well knew the debtor was super high risk. nice...
I have a few questions for everyone posting here about not being able to sell. 1.Was the house or condo meant as a flip or something to live in permanently ?
It was meant to be lived in. I don't know about 'permanently', but it was meant to be home.
2.Were you in for the long run? If so, why are you selling now?
I wasn't in it for the 30yr long run. I was in it for the 'until I got a new job' long run. I'm selling because my job opportunity took me to another state.
3.How many of you at this point are willing to take a loss?
I can't afford to take a loss. So, unwilling.
4. How many want to leave the state or area, but cannot because their house is not selling?
I've already left. Luckily I have someone staying in the home for now.
5. Has anyone purchased, let's say pre 2002 and would not mind making a minimal profit versus "market value", knowing it's still overpriced?
Purchased after 2002.
6. How many are trying to sell to get something bigger or smaller?
I would like something a little large...but in a new state.
7. How many are not able to sell simply because they had so much equity, kept watching HGTV's "My house is worth what" ,and stripped their equity to buy big cars, and unnecessary home improvements, cause the neighbors were doing the same?
Nope...didn't do it.
How many are kicking themselves in the head now?
I'm kind of kicking myself. But, I couldn't pass up my new job. I just got stuck having to try and sell in the worst market EVER! (Not too melodramatic...right? )
What's pushing for all your sales knowing the market is weak?
Um...I don't think I understand this question.
..
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Can't Sell Home Either
I picked the worst time to move.
)
